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Financial Inclusion Growth in India: A Study with Reference to Pradhan Mantri Jan-Dhan Yojana (PMJDY)

Published in SEMAR, School of Management, Pondicherry University
Abstract

Financial Inclusion (FI) is the delivery of banking services at an affordable cost to vast section of unbanked group. In India various measures have been taken by banks, GOI (Government of India) and RBI for financial inclusion plan like Product Based Approach, Bank Led approach, Business Correspondents (BCs), Simplified KYC Norms etc. Pradhan Mantri Jan-Dhan Yojana (People’s Wealth Scheme) is the biggest financial inclusion initiative in the world announced by India’s prime minister with the aim of launching India’s most intensive financial inclusion as a national mission. The ultimate aim of PMJDY is to reach out economic activity around poor to bring them into formal banking channel. As the part of it, 20.63 crore bank accounts have been opened and Rs. 31399.67crore have been deposited (As on 3rd Feb, 2016). This study aims to investigate various measures and initiatives of banks and governments as the part of financial inclusion in general and PMJDY in particular. This is an exploratory research based secondary data. This study also aims to reviewing the status of financial inclusion of banks through PMJDY and comparing the financial performances of Banks with respect to pre and post periods of PMJDY. Quantitative analysis has been done by using Paired Sample t-test with the help of SPSS.

About the journal
JournalInternational Journal of Economics and Management Science
PublisherSEMAR, School of Management, Pondicherry University
Open AccessYes